S. G. FazalBiyaBani: Can you tell us about your background and how you got into the field of risk advisory services?
VikausSiingh (GM of KRIS): I would like to say that I got into risk advisory services by chance and not by choice but now when I look back, I really feel it is a satisfactory career choice for myself. I enjoyed my learnings in the insurance industry and still enjoying my association and the possible contribution, which I making to the industry, till date.
When I took up my first work assignment with an insurance company, I did not know about insurance and risk management practices. I learned about insurance through the “on-the-job” kind of training. I started my insurance learnings from ground zero, did courses in risk management, worked closely with clients to understand their requirements, interacted with underwriters to get the best solutions for my clients, attended many risk management seminars, conducted risk inspections along with risk engineers, discussed claims with loss adjusters and many more small and big learnings learned throughout my career span of almost 2 decades in risk advisory services.
S. G. Fazal BiyaBani: Post covid the regulators and companies have started to recognize the strategic role being played by Risk Management. What is the level of awareness about Risk Management in your region? What change you have witnessed in pre-covid era and the current environment?
VikausSiingh (GM of KRIS): The level of awareness in theSultanate of Oman is quite high. People are eager to adopt new technologies and norms to improve their risk management framework.
Pre-covid era risk management through insurance was an option and post-covid era people started to adopt insurance cover for risk management as a necessary tool for their personal risk management as well as corporate risk management.
The advancement of technology is also taking a new leap in underwriting, claims risk inspections, and the overall risk management practices.
S. G. FazalBiyaBani: In your opinion, what is the biggest challenge facing the risk management industry today and how can it be addressed?
Vikaus Siingh (GM of KRIS): I will say “data capturing” and “technology advancement” are the two biggest challenges that the current risk management industry is facing. There are a lot of invalid or uncaptured data available which needs immediate attention to manage risk efficiently. With the advancement of technology, convenience factors are getting added to our lives but on the other way, we all are also getting exposed to lots of known and unknown risk factors. The technology is also creating and enhancing new risk perils.
From a risk management perspective, I would like to say that we need to have a collective approach to creating more awareness both at micro and macro levels.
S. G. FazalBiyaBani: How do you see the future of risk management evolving in the next 5-10 years?
VikausSiingh (GM of KRIS): The use of automation and AI is going to play a major role in risk management in the next 5-10 years. Automation and AI will help detect and address risk in advance. For the first time in history, companies can continually monitor data and get instant access to current risk information. Constant risk information lets us make decisions more confidently because the newest data supports them. So entire risk management in the future will be based on AI and Automation techniques with decentralized data availability.
S. G. FazalBiyaBani: Which are the specialized areas of services you are focusing upon and what future trends do you foresee which may catch the attention of clients?
VikausSiingh (GM of KRIS): Presently, we are providing insurance services on a B2B model. Adding value to our offerings are always our continuous endeavor. We pioneered and are offering specialized value-added insurance services to our existing/potential clients, in the Sultanate of Oman. The value-added services that we offer are – Insurance risk audits, Thermography Testing, Employee Wellness Programs, Insurance Orientation programs, and training & development of client resources on insurance/risk management services.
We are extensively using technology to make our processes more efficient and hassle-free. We are coming up with a user-friendly insurance web aggregator application to serve individual clients (B2C)
S. G. FazalBiyaBani: Can you share some tips for aspiring risk management professionals and what qualities are necessary for success in this field?
Vikaus Singh (GM of KRIS): I would like to say 3 points to all aspiring risk management professionals, they are –
- Risk is not managed once, it’s a continuous process, keep yourself updated and look out for improvisations.
- Costs cannot be ignored but should not lead to compromise in quality.
- Process mapping and digitalization
S. G. FazalBiyaBani: How do you stay up to date with the latest developments and advancements in risk management?
VikausSiingh (GM of KRIS): Updating oneself with the latest developments and advancements in risk management is of utmost importance for risk managers. The external environments of enterprises are rapidly changing leading to rapid changes in the internal processes, hence managing risk becomes a continuous risk and needs frequent improvisations. There are many national and international risk management forums that bring sharing of risk know-how. One should also be attending seminars and upgrading their skill sets by doing relevant courses.
S. G. FazalBiyaBani: How does your experience working in Oman differ from your experience in other countries or regions in terms of risk management practices and cultural considerations?
VikausSiingh (GM of KRIS): Oman is a great country to live in and work in, you have ample opportunities to develop new processes in Organizations. The people in Oman are open to changes and new ideas. I would say that working ina cross-cultural environment always gives you a sense of satisfaction and you feel more global. Your learning curve moves upward, and you open up yourself for new initiatives, thought processes and look at things with different perspectives.
S. G. FazalBiyaBani: Any other developments you would like to share?
VikausSiingh (GM of KRIS): I would like to put a few developments which are currently happening and likely to happen in near future –
- The Oman Insurance market has one of the lowest penetration rates (GWP/GDP: ~1.9%), with significant upside potential, driven by the structural reforms, growing population, and likely improvement in disposable income for locals due to Omanization. Further, rising awareness about the importance of insurance in the aftermath of COVID-19, and the growing digitalization of insurance products would drive the penetration higher.
- Mandatory health insurance is likely to play a pivotal role in the sector’s turnaround. The Omani government, in July last year, announced compulsory health insurance (Dhamani scheme) for all employees (including dependents) working in the private sector, as well as for inbound tourists.
- Better claim management and steadily higher investment income to drive earnings. Post-challenging FY21, the sector is likely to witness a steady recovery in earnings with the loss ratio likely to normalize gradually near its pre-pandemic year on efficient claim management, and decent investment income on prudent investment boo.
S. G. FazalBiyaBani: In your view, what is the role of an insurance broker?
VikausSiingh (GM of KRIS): In short, I can describe the role of an insurance broker as under :
“Collaborate with clients to introduce them to befitting risk management strategies.”
